Port of Tallinn Lands 1/3 More Profits

The state-owned Port of Tallinn has reported a net profit of 17.4 million euros for the first half of the year, a growth of one-third compared with the same period of last year.

In a statement issued today, the company said that the unaudited figures showed that turnover for the six months had grown by one-sixth to reach 55 million euros.

Port of Tallinn CFO Marko Raid said that the growth had come "despite increasingly stiffer competition in the Baltic Sea and a somewhat lower cargo throughput."

Those cargo volumes totaled 14.93 million tons - a 6-percent decrease compared with last year's result.

Raid attributed the increased profits to new services such as those offered by the new icebreaker Botnica and to expanding activity to handle of additional types of goods.

"In May, a logistics park was opened in Muuga where the handling of products with added value creates more work and more profit for the ports," the statement said.

In the first half of the year, passenger volume reached 4.2 million people, 4 percent more than during the same period last year. The number of cruise passengers grew the most, increasing by 25 percent.

The Port of Tallinn is the country's largest cargo and passenger port complex. It consists of five harbors: Old City Harbor, Muuga Harbor, Paldiski South Harbor, Paljassaare Harbor and Saaremaa Harbor.

The Ministry of Social Affairs is passing around a possible bill that would allow Estonia to apply for support with the European Globalization Adjustment Fund (EGF) in connection with large-scale layoffs at the shale oil producer Viru Keemia Grupp.

A conference on the sharing economy, bringing together around 100 entrepreneurs, experts and politicians from Estonia, Latvia, Lithuania, Finland and Cyprus, is taking place at the Riigikogu on Thursday.

Former employees of the bankrupt national carrier Estonian Air turned to court in the matter of their representation on the bankruptcy committee, the Baltic News Service reported on Thursday. The Estonian Air Line Pilots Association won’t accept representation by Tallinna Lennujaama AS, itself a state-owned business.

The low oil price on the global market affects several large employers in Estonia. Viru Keemia Grupp recently announced layoffs, and Eesti Energia and Kiviõli Keemiatööstus are suffering as well. The latter, owned by oil company Alexela, is not currently considering letting people go, spokesman Marti Hääl said.

The Ministry of Economic Affairs and Communication as well as the Nordic Aviation Group (NAG) said on Tuesday that no insider information was involved in the Nordic Aviation Academy taking over pilot training. The ministry left the question of conflicts of interest unanswered.

External finance is being considered as an option for the project of overhauling the dam across Väike Väin Strait between the West Estonian islands of Saaremaa and Muhumaa, the regional newspaper Saarte Hääl reported.

According to Erik Sakkov, management board member of the Nordic Aviation Group (NAG), Toomas Uibo serving on the company’s supervisory board doesn’t constitute a conflict of interest because the supervisory board does not actively participate in leading the company.

The Nordic Aviation Group is looking for pilots abroad while at least another 30 qualified cockpit staff are in Estonia. The pilots are reluctant to take up work with the new state-owned airline because of its staffing model, lower salary, and working conditions.

A bill to legalize ride-sharing services such as Uber, Taxify, Hopp and Wisemile as a new category of service called "negotiated passenger transport" will reach the Riigikogu next week, Postimees reported.

Nasdaq and the Estonian state announced that Estonia's e-residency platform will be facilitating a blockchain-based e-voting service. This will allow shareholders of companies listed on Nasdaq's Tallinn stock exchange to vote in meetings without being physically present.

A former CEO of EG Ehitus, a subsidiary of Eesti Gaas, apparently made payments in the amount of two million euros for dealings with a company either he himself or his business partners were managing at the time.

PKC Eesti, the Estonian arm of the listed Finnish manufacturer of cable harnesses for the automotive industry, is to close its plant in the North Estonian city of Keila next March and lay off 613 employees.

The North prefecture of the Estonian Police and Border Guard insists that drivers transporting passengers using the Uber app must have a corresponding operating license, and that doing it without a license constitutes an act of misdemeanor.

Minister of Entrepreneurship Liisa Oviir (SDE) would like to replace Enterprise Estonia, the Development Fund, and Kredex with only two institutions to support new businesses. A new development bank and an entrepreneurship agency could also cover efforts by other state institutions to foster business development.

Monday was the last day for Estonian Air passengers who didn’t get their tickets replaced when the airline went into liquidation to demand compensation for tickets bought. 15,806 applications were submitted.

Estonia's Port of Tallinn is in talks with several investors over building a refinery capable of processing 3-6 million tons of crude oil per year. The new refinery would be built at the Paldiski South Port.

Approximately 40,000 square meters of new retail area is to be completed in the shopping centers of Tallinn during 2016, and most of it will be located in the less-saturated boroughs of Lasnamäe, Mustamäe and North-Tallinn, an overview compiled by the Uus Maa real estate company says.

The Estonian software start-up Teleport announced earlier today that Jeffrey D. Levine, US Ambassador to Estonia until autumn last year, has joined their team. Levine is one of several former US diplomats working with companies in this part of Europe.

The Government is looking for new sources of revenue. To support local infrastructure, recent administration reform proposals suggest the introduction of a visitor’s tax. Minister of Entrepreneurship Liisa Oviir says more research is necessary.

Estonia ranks 18th in how its domestic policies support worldwide innovation, according to an analysis released today by the Information Technology and Innovation Foundation (ITIF), a global technology policy think tank.